Definitions
The additional cost incurred by producing one more unit of a good
Marginal Cost
What is the save ratio
70:20:10
What will you need if you want to invest before the age of 18
Custodial Account
Legal entity that can conduct business in its own name in the same way that an individual does
Corporation
Business owned by two or more co owners who share profit and debts
Partnership
Costs that vary directly with the level of production (e.g., raw materials, hourly wages).
Variable Cost
The amount paid before an insurance company pays
Deductible
A group of employees who work to improve their working conditions is known as
Labor Union
Lending money is known
Bonds
How many times do partnerships get taxed
Once
Being lazy
Shirking
Premium
Distribution of profit by company
Dividend
Stockholders elect
The board of directors
Business that is owned by one individual who makes all the business decisions. Receives all profit/losses.
Sole Proprietorship
Keeping an eye on you
Monitors
three-digit number that's usually between 300 and 850
Credit score
Market structure where no single entity has the power to influence the market price
Perfectly competitive market
Minimal ownership of a company
Stocks
Both
The total cost divided by the number of goods produced
Average total cost
What percent of companies are public
1%
Name one ethical business theory
Friedman, Nadar, Asymmetric
Largest franchise in the world
McDonalds
What is the most common firm
Sole Proprietorship